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PVR Q4 loss rises to Rs 289 crore, revenue falls 60% YoY; management says business will bounce back stronger

PVR said FY21 was one of the toughest years for the multiplex industry and the company was able to successfully navigate the challenges.

June 02, 2021 / 03:33 PM IST
 
 
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Multiplex player PVR on June 2 reported a loss of Rs 289.1 crore for the January-March quarter of the financial year 2021 against a loss of Rs 74.5 crore in the corresponding quarter of the previous financial year.

Revenue for the said quarter stood at Rs 263.3 crore against Rs 662 crore, down 60.2 percent year-on-year (YoY).

EBITDA for the quarter came at Rs 25.1 crore, down 86.8 percent YoY from Rs 189.3 crore in Q4FY20.

For the year ended March 31, 2021, total revenue was Rs 749 crore, EBITDA was Rs 134 crore and loss was Rs 748 crore as compared to revenue of Rs 3,452 crore, EBITDA of Rs 1,114 crore and profit of Rs 27 crore for the year ended March 31, 2020.

The company said results for the quarter and year ended March 31, 2021, are not comparable with results for the quarter and year ended March 31, 2020, as the operations were severely impacted due to COVID-19 induced lockdowns, staggered re-openings, social distancing requirements, limited content flow and low consumer confidence.

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PVR further said FY21 was one of the toughest years for the multiplex industry and the company was able to successfully navigate the challenges on account of COVID-19 through a continuous focus on reducing fixed costs and keeping adequate liquidity on the balance sheet.

"Through aggressive cost-containment measures, the company was able to reduce its fixed cost in FY21 by 63 percent as compared to FY20," it said.

"The company also successfully raised additional liquidity of Rs 1,600 crore (Rs 1,100 crore through equity and Rs 500 crore through debt) during the financial year and had total liquidity in excess of Rs 750 crore as of April 30, 2021," PVR said.

Commenting on the results and performance, Ajay Bijli, Chairman cum Managing Director, PVR said: "FY21 was marked by never before seen challenges for the multiplex industry, which was one of the most impacted by the pandemic. PVR showed resilience and ingenuity in the face of this adversity."

"We are buoyed by the great response received by movies that have been released theatrically in regions where Covid incidence has reduced viz. China, USA, UK, South Korea, Australia, France, UAE, etc. and believe that our business will bounce back stronger than ever once things start to normalise in the face of mass vaccinations that are being rolled out and the strong line up of content awaiting release across Hindi, English and Regional languages."
Moneycontrol News
first published: Jun 2, 2021 03:33 pm

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